Is Monzo Really a Bank?

FT Alphaville takes a close look at UK based digital only bank Monzo and asks if the startup actually acts like a bank; Monzo does provide demand deposits like a bank and has started to lend; according to CEO Tom Blomfield the goal of the company is to bring different business models together and create a financial marketplace; Monzo groups depositors together with the goal of selling them different financial products while taking a commission; they do have a banking license but act as more of a comparison tool for their customers to choose the service that is right for them. Source.